Stocks Sink as Worries About Spain Linger
The Greek elections "stirs in an added level of uncertainty until clarity from this weekend," Joe Bell, senior equity analyst at Schaeffer's Investment Research, agreed.
Sam Stovall, chief equity strategist at S&P Capital IQ warned that the lenient bailout requirements for Spain could embolden the winning party in Greece into pushing back even harder on austerity requirements integral to its international bailout deal.
The Hong Kong Hang Seng Index finished higher by 2.4% and the Nikkei in Japan added nearly 2% after stronger-than-expected China trade data for May and a lower than expected rise in inflation, which supported the view that the country has more wiggle room to loosen monetary policy.
No major U.S. economic reports were scheduled for Monday.July crude oil futures slipped $1.40 to settle at $82.70 a barrel. August gold futures rose $5.40 to settle at $1,595.90 an ounce. The benchmark 10-year Treasury was up 14/32, lowering the yield to 1.588%. The dollar was trading up 0.17%, according to the dollar index. In corporate news, Diamond Foods (DMND) said that it won't meet its June 11 quarterly filing data for the Nasdaq, and that as a result, the package foods company expects to receive a delisting determination letter from the Nasdaq and that would plan for an appeal thereafter. Shares tumbled 8%. Centene (CNC) slashed its full-year earnings outlook amid mounting costs in the Medicaid insurer's Kentucky and Texas health plans. Shares plunged more than 22%. One of the biggest movers on Monday was Micronetics (NOIZ), whose stock soared 94% after the company agreed to be acquired by Mercury Computer Systems (MRCY) for $75.4 million, including debt assumption. The deal values Micronetics's shares at $14.80 each in cash.
2012 Stock Predictions and Outlook
|Your one-stop shop for 2012 stock recommendations and market predictions.
>To contact the writer of this article, click here: Andrea Tse.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV